Nvidia’s NVDA makes a new record high as stocks revive, Bitcoin tops $98,000
The post Nvidia’s NVDA makes a new record high as stocks revive, Bitcoin tops $98,000 appeared on BitcoinEthereumNews.com.
Nvidia’s NVDA stock smashed through another barrier on Thursday, hitting a record high at market open. Shares jumped 4%, briefly touching $152.89 per share, pushing Nvidia’s valuation past $3.7 trillion. This made Nvidia $250 billion richer than Apple ($AAPL), solidifying its place as the most valuable public company. But it wasn’t all smooth sailing. Within eight minutes, Nvidia erased $175 billion in market cap, dipping to $144.34 per share—a 5.6% nosedive. Traders are now asking: is this the new normal? Thursday morning’s market activity revolved around Nvidia. Pre-market jitters saw shares down 3% following its third-quarter earnings report. The company beat Wall Street’s top-and-bottom line expectations but issued cautious guidance, slowing the celebratory mood. Stock futures mirrored Nvidia’s early losses, but everything turned around by 8:15 AM ET. Nvidia clawed back into the green, climbing 1.7% by 8:43 AM ET. At the same time, futures on major indices bounced back, up 0.5% after opening in the red. Wall Street’s big calls and bigger bets Goldman Sachs says it isn’t pulling punches on Nvidia. The firm doubled down on its “Buy” rating, raising its price target from $150 to $165. Goldman highlighted Nvidia’s robust pipeline of catalysts, putting it on its coveted Americas Conviction List. Barclays echoed the sentiment, pointing out that Nvidia remains the strongest player in artificial intelligence (AI). “The data points and sentiment remain noticeably positive intra-quarter,” analysts wrote. Meanwhile, Morgan Stanley analysts applauded Nvidia’s upcoming Blackwell GPU launch in January. They believe the new chips will drive unprecedented demand well into 2025. “The stock will churn near-term as investors digest the modest guidance, but Blackwell’s ramp will be a long-term driver,” said Barclays analyst Tom O’Malley. Other firms are equally bullish. Citi upped its price target to $175, banking on Nvidia’s dominance in AI chip sales and…
Filed under: News - @ November 21, 2024 4:22 pm